Amendment status not verified — confirm the current text below against the official source.
Provisions of this Chapter to override other laws.- The provisions of sections 42 to 54 of this Chapter shall have effect notwithstanding anything inconsistent therewith contained in this Act or any other law for the time being in force. CHAPTER VII. PROPERTIES AND FUNDS OF CO-OPERATIVE SOCIETIES. 1[56. Mobilisation of Funds.- (1) A co-operative society may mobilise funds in the form of share capital, deposits, debentures, loans and other contributions from,- (i) its members; or (ii) its depositors; or (iii) any other person, institutions and organisations to such extent and subject to such conditions as may be specified in the bye- laws of the co-operative society. (2) No part of the funds, other than the net profits of a co-operative society, shall be paid by way of bonus or dividend or otherwise distributed among its members: 1959:KAR.ACT 11] Co-operative Societies 91 Provided that a member may be paid such remuneration, allowances or honoraria at such rate as may be specified in the bye-laws for any services rendered by him to such co-operative society. 2 [Provided further that no director shall be paid travelling allowance, daily allowance or such other allowances or fees for attending meetings of the board or committees or sub-committees or for performing any other functions as a director at a rate higher than the maximum rate specified in the byelaws for the purpose, having regard to the financial position and profitability of the society] 1 ]2